Campaign Closing Report | Civislend completes a €3,000,000 raise in 10 minutes for a 46-home residential development in Hortaleza (Madrid)

08/09/2026 – ⏱ 5 min

This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.

The crowdfunding platform Civislend has issued the closing report for the round corresponding to the Pinar del Rey residential development, in the Madrid district of Hortaleza. The transaction has been structured as a bridge loan secured by a first-rank mortgage, intended to part-finance the purchase price of the asset on which a complex of 46 homes and 51 parking spaces will be built. The subscription process concluded once the entire tranche opened to platform investors had been allocated, with a final volume raised of €3,000,000. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The call started from a fundraising target of three million euros and covered 100% of the allocation in 10 minutes from opening. The flow of contributions over that interval works out at an average of €300,000 per minute.

Metric Analysis of the Investor Base and Capital Distribution

The campaign concluded after recording the participation of 1,155 investors, who covered the full debt line assigned to the opportunity. Distributing the funds raised across that number of contributors gives an average ticket of €2,597 per participant. Civislend opened the opportunity from a minimum ticket of €250 per investor and set no maximum contribution limit.

The transaction grants lenders a nominal annual interest rate of 10.00% (TIN); this reference return is subject to investment risk and is not guaranteed. The ordinary maturity term of the bridge loan is set at 21 months and includes the developer's right to make total or partial repayments without penalty from month 12. The operator also holds the option to extend the contract for a further 6 months at the same 10.00% TIN. Both in the case of early repayment and of extension, interest is calculated according to the actual final drawdown period of the capital and the agreed annual rate. Interest begins to accrue on the formalisation date, expected within a maximum of 30 days from the close of fundraising. In accordance with the European regulatory framework, non-experienced investors have a four-day pre-contractual reflection period during which they may revoke their commitment at no cost.

Description of the Underlying Asset, Planning Progress and Sponsor Profile

The asset being financed is an industrial building constructed in 1974 that has operated to date as a Telefónica data centre and which, for planning purposes, constitutes consolidated urban land with a residential characteristic use. The developer is working with an Urban Planning Collaborating Entity to process the change of use from office to residential and obtain the building permit, and the project holds a Planning Suitability Certificate confirming the viability of that transformation. In addition to the change of use, the plan provides for an extension of three further storeys.

The plot has an area of 1,100 square meters and the project totals 6,324 square meters of built area, of which 4,225 sit above ground. The resulting programme comprises 46 one-, two- and three-bedroom homes with an average area of 92 square meters, and 51 parking spaces, with a pool and solarium on the roof. Over the life of the loan the developer must complete the change of use, obtain the building permit, market the homes and tender the construction works; Civislend's exit will coincide with the granting of the developer loan, whose arrangements are already being handled with banking institutions.

The business plan is managed by RE-AVIVA, a Madrid-based real estate manager specialising in the transformation and change of use of obsolete premises in the city centre into homes and apartments. Its team has more than 20 years of experience across finance, architecture and design, and has delivered more than ten projects in Madrid areas such as Príncipe de Vergara, Cuzco and Puerta de Hierro. This is the third project the developer has financed through Civislend: the two previous ones, Quinta de los Molinos (2024) and El Viso Reaviva (2024), were repaid in full in 2026.

Capital Structure, Risk Indicators and Real Collateral

The developer is acquiring the asset for €6,500,000. The split of funds contributed at signing places Civislend investors at 43% of the total, with €3,000,000; a group of external investors participating at equal rank at 15%, with a maximum of €1,000,000; and the developer itself at 42%, with €2,937,950 of its own funds. Total first-rank project debt therefore amounts to €4,000,000. Of the Civislend loan, a single drawdown of €2,562,050 is made to complete payment of part of the asset purchase, to which formalisation costs of approximately €437,950 are added.

Coverage of the co-investors' position is provided through a first-rank mortgage over the project land, currently valued at €7,953,664. Comparing total first-rank financing (€4,000,000) against that valuation gives a loan-to-value ratio of 50%. The market study included in the documentation analyses new-build and second-hand transactions around the asset and concludes that the project's prices and characteristics are in line with transactions in the area, where several new-build schemes are currently being marketed.

Finally, in compliance with the regulations governing crowdfunding platforms, investors are reminded that this is a crowdfunding product and not a deposit or a guaranteed savings product, and that real estate credit transactions carry specific risks such as illiquidity, the risk of not obtaining the expected return, the possibility of dilution, or the total or partial loss of principal in the event of the debtor's insolvency. This crowdfunding project is not authorised or supervised by the Spanish National Securities Market Commission (CNMV) or by the Bank of Spain, and the information provided has not been reviewed by those institutions. Likewise, the capital invested is not covered by the state investment guarantee fund or the deposit guarantee fund.

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